Automatic Acceptance of Notices of Termination and Update/Correct Termination Information Submission on NRD

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Automatic Acceptance of Notices of Termination and Update/Correct Termination Information Submission on NRD

This email is being sent to the Chief Compliance Officers and Ultimate Designated Persons of firms registered with the Ontario Securities Commission.

We would like to share an important update regarding a change in the National Registration Database (NRD) process for the handling of the Form 33-109F1 Notice of Termination of Registered Individuals and Permitted Individuals (NOT) and the Update/Correct Termination Information submission (UCTI).

Effective Friday August 19, 2016 we introduced a NRD productivity enhancement that automatically accepts a NOT and UCTI submitted by registered firms in Ontario. This change was will allow for more efficient processing and will help ensure the public record provides accurate information on an individual’s registration status.

Though these submissions will be automatically accepted on NRD, the Ontario Securities Commission will continue to review them. There has been no change in the obligation for firms, under National Instrument 33-109 Registration Information (NI 33-109), to provide accurate and complete information and to submit the filings within the time periods prescribed.

We would like to remind you that firms must submit the UCTI within 30 days of the cessation date if the Authorized Firm Representative (AFR) checked the box indicating that complete information will be filed within 30 days.

Late fees will continue to apply for late filings as set out in OSC Rule 13-502 Fees. As in the past, we will contact AFRs in situations where the NOT or UCTI submission is deficient or where further information is required. We may require firms to submit a UTCI or request further information via email or letter.

We strongly encourage Registrants and their assigned AFRs to carefully review the forms for completeness and accuracy before submitting them on NRD. This will reduce the need for subsequent NRD submissions and requests for further information.

Questions

If you have questions, please contact us by calling 1-877-785-1555 or 416-593-8314 or e-mailing [email protected].